Mark Jamieson reports on the market during the last quarter.
Click on a branch link below to access the quarterly market review for your area.
The last Quarter of the year delivered approximately £13.5 million of sales within the East Renfrewshire area. The imbalance between demand and supply continues to favour the seller with
the vast majority of properties selling within two to four weeks, at closing dates and achieving premium values over the Home Report.
For the second consecutive Quarter, East Renfrewshire recorded the highest average price in Scotland, with an average sale of £261,512 during the period. This figure was up 5.9% on the same time last year. The result being prices within East Renfrewshire edging ahead of Edinburgh, where average prices rose 6.6%
year on year to £257,220.
The clamour to get into the East Renfrewshire catchment for high achieving schools continues to result in a high level of demand versus the supply. Indeed, it has now been confirmed that the commuter belt of East Renfrewshire sits ahead of Edinburgh in the race to become the hottest property market in Scotland. There are often dozens of viewers per property and the speed of sale has never been quicker.
The recent Scottish budget has resulted in first time home buyers in Scotland no longer having to pay Land and Building Transaction Tax on properties costing up to £175,000. Whilst this is good news for first time buyers, there is some disappointment for those looking to buy their first home north of the border as first time buyers south of the border are getting a more generous deal than them. Chancellor Philip Hammond said in last month’s UK budget that he was abolishing Stamp Duty Land Tax for new
owners spending up to £300,000 south of the border. Stamp Duty is devolved to Scotland, where it is known as Land and Building Transaction Tax (LBTT).
The consequences of a brisk, robust and buoyant market mean our buyers are extremely discerning and fussy and Corum can provide expert advice in helping present your property to the market to achieve the best price. The current value of your property is likely to have seen an improvement from the previous Quarter and whilst there was a slight increase in interest rates in the UK budget, this does not appear to have reduced the lack of appetite within the area.
So, in summary, 2017 continued to demonstrate excellent demand, historical low interest rates and no shortage of appetite in the market. We have a number of listings prepared for the New Year and, should you have any questions regarding buying or selling, we would be delighted to assist.
In light of the above should you be considering a move or are simply curious as to the value of your home, please do not hesitate to contact our professional, experienced and enthusiastic sales team at our Newton Mearns office. You can email us at firstname.lastname@example.org or call us on 0141 639 5888 to discuss the current opportunities.
Corum Newton Mearns office
134 Ayr Road
Tel: 0141 639 5888